Forgot to File the FBAR? A Typo Gives You Two More Weeks

The FBAR (Report of Foreign Bank and Financial Accounts) was effectively due last Thursday, October 15th. FINCEN (the Financial Crimes Enforcement Agency) issued an extension (the notice was released on October 6th) for those impacted by the recent natural disasters such as some hurricanes, wildfires, and the Iowa derecho. Those individuals so impacted have until December 31st to file.

But when the agency first updated the notice on October 14th, they accidentally left out that it only was for those impacted by the natural disasters. Oops. Yesterday, FINCEN clarified this:

On October 14, 2020, FinCEN posted an incorrect message on its Bank Secrecy Act (BSA) E-Filing website.  FinCEN removed it within 24 hours.  The message incorrectly stated there was a new filing extension until December 31, 2020 for all filers of Reports of Foreign Bank and Financial Accounts (FBARs).  The extension until December 31, 2020, however, is intended only as an accommodation for victims of recent natural disasters covered in FinCEN’s October 6, 2020 notice ( https://www.fincen.gov/sites/default/files/shared/Notice-Extend%20FBAR%20Due%20Date%20for%202020%20Disaster%20Victims-Final%2020201005.pdf )

FinCEN apologizes for the error and any confusion this has caused, and has coordinated with the IRS to address the concerns of filers who may have missed their filing deadline due to the October 14, 2020 message.

Filers who file their 2019 calendar year FBAR by October 31, 2020 will be deemed to have timely filed.  As set out in the October 6 notice, FBAR filers impacted by recent natural disasters continue to have until December 31, 2020 to file their FBARs.

So if you forgot to file the FBAR, relax and get it done over the next two weeks. The penalties are on the ridiculous side for not filing the FBAR. Just do it!

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